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EZA vs. EPHE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EZA vs. EPHE

Last updated Jun 13, 2026

EZA (iShares MSCI South Africa ETF) and EPHE (iShares MSCI Philippines ETF) are both exchange-traded funds - EZA is a Emerging Markets Equities fund tracking the MSCI South Africa Index, while EPHE is a Asia Pacific Equities fund tracking the MSCI Philippines Investable Market Index. Both are passively managed. Over the past 10 years, EZA returned 8.12%/yr vs -2.82%/yr for EPHE. A 0.52 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

EZA vs. EPHE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI South Africa ETF (EZA) and iShares MSCI Philippines ETF (EPHE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EZA achieves a -2.81% return, which is significantly lower than EPHE's 0.32% return. Over the past 10 years, EZA has outperformed EPHE with an annualized return of 8.12%, while EPHE has yielded a comparatively lower -2.82% annualized return.

EZA

1D
0.89%
1M
-5.12%
YTD
-2.81%
6M
2.77%
1Y
33.90%
3Y*
23.45%
5Y*
9.50%
10Y*
8.12%

EPHE

1D
0.97%
1M
0.81%
YTD
0.32%
6M
1.21%
1Y
-7.80%
3Y*
0.90%
5Y*
-3.02%
10Y*
-2.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

EZA vs. EPHE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EZA
iShares MSCI South Africa ETF		-2.81%75.20%7.16%1.51%-5.18%7.91%-5.19%9.83%-25.24%36.03%
EPHE
iShares MSCI Philippines ETF		0.32%1.56%-1.41%1.27%-15.87%-2.23%-3.95%8.50%-17.50%20.20%

Correlation

The correlation between EZA and EPHE is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.39

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Sep 29, 2010

0.52

The correlation between EZA and EPHE shifts across timeframes, from 0.39 (3 years) to 0.52 (all time), reflecting how their relationship changes across market environments.

EZA vs. EPHE - Sectors Allocation Comparison

Sectors
EZA
EPHE

Basic Materials

39.7%
1.0%

Financial Services

32.1%
17.3%

Consumer Cyclical

14.7%
13.6%

Communication Services

6.7%
5.3%

Consumer Defensive

2.4%
4.6%

Real Estate

1.6%
10.7%

Industrials

1.5%
32.0%

Healthcare

1.2%

-

Energy

-

1.3%

Technology

-

-

Utilities

-

14.3%

Basic Materials

EZA
39.7%
EPHE
1.0%

Financial Services

EZA
32.1%
EPHE
17.3%

Consumer Cyclical

EZA
14.7%
EPHE
13.6%

Communication Services

EZA
6.7%
EPHE
5.3%

Consumer Defensive

EZA
2.4%
EPHE
4.6%

Real Estate

EZA
1.6%
EPHE
10.7%

Industrials

EZA
1.5%
EPHE
32.0%

Healthcare

EZA
1.2%
EPHE

-

Energy

EZA

-

EPHE
1.3%

Technology

EZA

-

EPHE

-

Utilities

EZA

-

EPHE
14.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI South Africa ETF

iShares MSCI Philippines ETF

Often compared with EZA:
EZA vs. AFKEZA vs. KSAEZA vs. SPYEZA vs. PAF.LEZA vs. VTIEZA vs. SCHDEZA vs. INDA
Often compared with EPHE:
EPHE vs. VOOEPHE vs. EWYEPHE vs. EIDOEPHE vs. VTEPHE vs. VTIEPHE vs. VXUSEPHE vs. GOVT

Return for Risk

EZA vs. EPHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EZA
EZA Risk / Return Rank: 2929
Overall Rank
EZA Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
EZA Sortino Ratio Rank: 2828
Sortino Ratio Rank
EZA Omega Ratio Rank: 3030
Omega Ratio Rank
EZA Calmar Ratio Rank: 3131
Calmar Ratio Rank
EZA Martin Ratio Rank: 2828
Martin Ratio Rank
EPHE
EPHE Risk / Return Rank: 55
Overall Rank
EPHE Sharpe Ratio Rank: 55
Sharpe Ratio Rank
EPHE Sortino Ratio Rank: 55
Sortino Ratio Rank
EPHE Omega Ratio Rank: 55
Omega Ratio Rank
EPHE Calmar Ratio Rank: 55
Calmar Ratio Rank
EPHE Martin Ratio Rank: 55
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EZA vs. EPHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa ETF (EZA) and iShares MSCI Philippines ETF (EPHE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

EZAEPHEDifference
Sharpe ratioReturn per unit of total volatility
0.95
-0.49

+1.44

Sortino ratioReturn per unit of downside risk
1.41
-0.59

+2.00

Omega ratioGain probability vs. loss probability

1.18

0.94

+0.25

Calmar ratioReturn relative to maximum drawdown

1.31

-0.58

+1.89

Martin ratioReturn relative to average drawdown

3.41

-1.06

+4.47

EZA vs. EPHE - Sharpe Ratio Comparison

The current EZA Sharpe Ratio is 0.95, which is higher than the EPHE Sharpe Ratio of -0.49. The chart below compares the historical Sharpe Ratios of EZA and EPHE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

EZA vs. EPHE - Drawdown Comparison

The maximum EZA drawdown since its inception was -64.64%, which is greater than EPHE's maximum drawdown of -53.82%. Use the drawdown chart below to compare losses from any high point for EZA and EPHE.

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Drawdown Indicators

EZAEPHEDifference

Max Drawdown

Largest peak-to-trough decline

-64.64%

-53.82%

-10.82%

Max Drawdown (1Y)

Largest decline over 1 year

-23.31%

-15.90%

-7.41%

Max Drawdown (3Y)

Largest decline over 3 years

-23.31%

-21.42%

-1.89%

Max Drawdown (5Y)

Largest decline over 5 years

-34.94%

-32.96%

-1.98%

Max Drawdown (10Y)

Largest decline over 10 years

-62.25%

-51.62%

-10.63%

Current Drawdown

Current decline from peak

-18.05%

-33.66%

+15.61%

Average Drawdown

Average peak-to-trough decline

-16.92%

-21.00%

+4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.93%

9.28%

-0.35%

Volatility

EZA vs. EPHE - Volatility Comparison

iShares MSCI South Africa ETF (EZA) has a higher volatility of 11.34% compared to iShares MSCI Philippines ETF (EPHE) at 4.96%. This indicates that EZA's price experiences larger fluctuations and is considered to be riskier than EPHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EZAEPHEDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.34%

4.96%

+6.38%

Volatility (6M)

Calculated over the trailing 6-month period

27.03%

13.49%

+13.54%

Volatility (1Y)

Calculated over the trailing 1-year period

31.92%

18.90%

+13.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

28.86%

18.05%

+10.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.43%

22.20%

+9.23%

EZA vs. EPHE - Expense Ratio Comparison

Both EZA and EPHE have an expense ratio of 0.59%.

Dividends

EZA vs. EPHE - Dividend Comparison

EZA's dividend yield for the trailing twelve months is around 6.34%, more than EPHE's 2.10% yield.

PositionTTM20252024202320222021202020192018201720162015
EPHE
iShares MSCI Philippines ETF		2.10%2.11%2.32%2.01%1.73%1.05%0.72%0.78%0.45%0.36%0.71%1.03%
EZA
iShares MSCI South Africa ETF		6.34%6.16%7.26%2.84%3.90%2.05%5.51%12.27%3.81%1.55%4.10%3.03%

Frequently Asked Questions

EZA and EPHE have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EZA has higher volatility (11.34%) compared to EPHE (4.96%). In terms of maximum drawdown, EZA dropped -64.64% vs EPHE's -53.82%.

On 10-year performance, EZA leads with 8.12% vs -2.82% for EPHE. Both ETFs have the same 0.59% expense ratio. On volatility, EPHE has been the lower-risk option at 4.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EZA has performed better with a 8.12% return vs -2.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EZA and EPHE have the same expense ratio: 0.59% per year.

EZA has the higher dividend yield at 6.34%, compared with 2.10% for EPHE.

EZA is categorized as Emerging Markets Equities, while EPHE is Asia Pacific Equities. EZA tracks MSCI South Africa Index, while EPHE tracks MSCI Philippines Investable Market Index.

EZA currently has the higher Sharpe Ratio (0.95 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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